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Montevideo, November 13th 2018 - 07:18 UTC

Standard Chartered moves European base to Frankfurt because of Brexit

Saturday, August 5th 2017 - 06:54 UTC
Full article 2 comments
German's strong credit rating informed the bank's location choice, said chief executive Bill Winters. The bank has about 100 staff in Frankfurt currently. German's strong credit rating informed the bank's location choice, said chief executive Bill Winters. The bank has about 100 staff in Frankfurt currently.

Standard Chartered is set to spend about US$20m to turn its Frankfurt office into a European base due to Brexit. The bank plans to create a subsidiary at its German branch to maintain access to the European market after Britain withdraws from the European Union.

 German's strong credit rating informed the bank's location choice, said chief executive Bill Winters. Standard Chartered has about 100 staff in Frankfurt currently.

The bank, which employs more than 86,000 globally, said in May it was in talks with German regulators about the move.

The firm has about 1,700 staff in London, where it opened an office in 1853.

Standard Chartered is the latest financial institution to discuss its planning for Brexit. Barclays and JP Morgan are looking at expanding Dublin operations and RBS is looking at Amsterdam.

Deutsche Bank warned in April that it might move up to 4,000 jobs - or half of its UK workforce - out of the UK.

HSBC has said it could move 1,000 jobs to Paris, while UBS has said about 1,000 of its 5,000 London jobs could be hit by Brexit.

Categories: Economy, Politics, International.

Top Comments

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  • The Voice

    Obviously sensible to create branch offices in various European locations but many of the staff won't like having to move. However, expansion of worldwide banking and financial services activities presently prevented by EU membership will eventually take up the jobs slack in London which will remain a leading financial centre.

    Aug 06th, 2017 - 09:41 am 0
  • St.John

    Not to worry, just pray for a miracle - perhaps converting to catholicism will help?

    The staff who won't want to move won't make a problem either, lots of available positions on the dole.

    Aug 08th, 2017 - 09:27 pm 0
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